One of the challenges that several high achieving individuass face is how to choose between multiple good business ideas. Quite frankly, this challenge is not limited to business ideas or high achieving individuals, it plagues all of us. We all struggle with this challenge, be it choosing between businesses, projects, jobs etc. Since we all have limited resources, we need a way to determine how to maximize our resources to attain the most optimal result.
Before I dive into the 3 ways to decide, these two quotes tells us the importance of deciding.
1. Success is built sequentially, not simultaneously – Gary Keller
2. When we do easy things, life becomes hard. When we do hard things, life becomes easy.
Here are 3 ways to decide between multiple business ideas.
1. The Regret Rule: Out of our many ideas, there is usually one that if we died and never accomplised, it will haunt us in our death and cause us the most regret. For example, say you wanted to share your love of cooking, at the same time you would like to reduce the world’s consumption of energy by inventing an energy saving device and you also would like to join the space force. One of these ideas might be the one that if you died tomorrow, you would regret not ever accomplishing. You should choose to focus on this, with everything else being equal.
2. The Leverage Rule: This could also be referred to as the productivity rule or the profitability rule. In this rule, we are encouraged to start the business / project that produces income the fastest, more stable and in abundance in order to leverage itself and pursue other business or it produces enough income where you can leverage other people and systems to help you pursue your other business interests.
3. The Flexibility Rule: Life is not linear, it is full with troughs and peaks. It is important to remember this when picking an idea to pursue. It is important to pick an idea that gives you the flexibility to pivot if needed. Even though we want to focus heavily on what we decide to do and put all of our heart into it, it is still rather important to give room for flexibility, for adaptability. We want to pick an idea that has a lot of room for flexibility and adaptability.
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At your service,
“Obsessed with Service”
2016 Top 20 Under 40 Realtor